An Act relative to compliance with reserve requirements of life insurers

[Senate, July 12, 2010 –Substituted by amendment by the Senate (Ways and Means) for Senate, No. 497.]

The Commonwealth of Massachusetts

__________________

IN THE YEAR OF TWO THOUSAND ANDTEN

__________________

AN ACTrelative to compliance with reserve requirements of life insurers.

Be it enacted by the Senate and House of Representatives in General Court assembled,

And by the authority of the same, as follows:

SECTION 1.Section 1 of chapter 175 of the General Laws, as appearing in the 2008 Official Edition, is hereby amended by inserting after the definition of “resident” the following definition:-

"Statistical agent", an entity with proven systems for protecting the confidentiality of individual insured and insurer information; demonstrated resources for, and history of, ongoing electronic communications and data transfer with its member or subscriber insurers, which ensure the integrity of the transferred data; and a history of aggregation of data and accurate promulgation of the experience modifications in a timely fashion.

SECTION 2. Section 9 of said chapter 175, as so appearing, is hereby amended by adding the following subsection:-

14. The commissioner may designate 1 or more statistical agents to assist the commissioner and any authorized insurer to comply with this section and any rules or regulations promulgated under this section.

The information contained in this website is for general information purposes only. The General Court provides this information as a public service and while we endeavor to keep the data accurate and current to the best of our ability, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.

Unsupported Bill Output Format

The document text is in an unsupported format to view in a browser.

Please use the "Download PDF" link if you wish to View/Print this document.